Picsart becomes the first Armenian unicorn

Picsart, maker of the popular photo and video editor, has raised 130 million dollars in a Series C round led by SoftBank Vision Fund 2. The company is now valued at more than 1 billion dollars.

Picsart thus becomes the first start-up with Armenian roots to achieve unicorn status. The company was founded in 2011 by Hovhannes Avoyan, and its largest development office is in Yerevan.

According to the company, the app has more than 150 million monthly users in 180 countries. The funds will be used to develop AI-powered tools.

The Armenian government called the deal an important signal for investors looking at Armenia's IT sector.